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India Oil Exporter: Is Delhi reducing dependence on West Asia? Russia is second only to Saudi Arabia in oil imports

India Oil Exporter: Is Delhi decreasing dependence on West Asia? Russia is second solely to Saudi Arabia in oil imports

Internet Desk: Russia-Ukraine battle and India’s diplomatic tug-of-war with West Asian international locations. In between these two necessary occasions, India’s bilateral relations with Putin’s nation grew to become even stronger. Russia lags behind Saudi Arabia in gas oil exports to India Iraq, nevertheless, remains to be primary. India is the most important importer of gas oil from that nation.

In February, Russia launched a army operation in Ukraine. Since then, a number of Western international locations have imposed monetary sanctions on Russia. The availability of gas oil and pure gasoline is probably the most restrictive. There was additionally diplomatic stress on India. On this context, the information for the month of May exhibits that Russia is the second largest exporter of gas oil to India.

In May, India’s oil refineries imported massive portions of gas oil from Russia. 6 lakh 19 thousand barrels per day. In April, that quantity was simply 26,600 barrels per day. India has by no means earlier than imported a lot gas oil from Russia. As a result of importing gas oil from Russia prices lots of imports. However after the Ukraine marketing campaign, many international locations within the Western world stopped importing oil from Moscow. India didn’t miss this chance to chop its dependence on West Asia.

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Russia accounted for 15.5 % of India’s oil imports in May. Equally, the share of imports from West Asia decreased as a consequence of improve in gas imports from Russia. The import of gas oil from Africa has elevated. Imports of crude oil from Africa elevated from 5.9 % in May to 11.5 % in May.

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